Steveston, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,115,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 1.0% |
Apartment
| Median price | $675,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 3.0% |
| Stock on market | 0.9% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $900,000 |
| 3 bedrooms | $1,115,000 |
| 4 bedrooms | $1,350,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $550,000 |
| 2 bedrooms | $675,000 |
| 3 bedrooms | $800,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 6.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Steveston, British Columbia, is currently experiencing a period of steady growth. The median house price stands at $1,115,000, reflecting a year-over-year increase of 4.2%. This gradual appreciation indicates a stable market that has been resilient to external economic pressures. Similarly, the apartment sector is showing positive momentum with the median apartment price at $675,000, up by 3% from the previous year.
This steady growth can be attributed to several factors including Steveston’s desirable location, thriving local economy, and community amenities which continue to attract buyers. The population growth of 3.4% further underscores the demand for housing in the area as more people seek to call Steveston home.
Investment Opportunities and Potential
For investors looking at Steveston, the consistent upward trend in property values presents a compelling opportunity for long-term capital gains. The single-family home segment is particularly robust with its higher year-over-year price increase compared to apartments.
The rental market is also poised for growth given the increasing population and demand for housing. Investors may find potential in purchasing apartments or houses to cater to this demographic. As such, rental properties could offer steady cash flow while also benefiting from property appreciation over time.
In addition to residential properties, Steveston’s commercial real estate also holds potential due to the town’s expanding population and tourism industry. Retail spaces, restaurants, and hospitality-related properties could be lucrative investments as consumer spending within the community grows.
Future Market Outlook
The future outlook for Steveston’s real estate market remains optimistic. Factors such as ongoing population growth and the region’s overall economic health suggest that demand for both residential and commercial properties will continue to rise.
The government’s commitment to infrastructure development and community services is likely to enhance Steveston’s livability further attracting residents and investors alike. While current trends point towards sustainable growth rather than rapid spikes in prices, investors should monitor interest rates and housing policies that could impact affordability and investment attractiveness.
In conclusion, while no market is without risk, Steveston presents several promising indicators for both short-term stability and long-term investment potential in its real estate market.
